Summary of the Conference Call for Tanshan Company Industry and Company Overview - Tanshan Company has established a dual business strategy focusing on "outdoor products + chips" since the change of control in 2021 [2][5] - The chip business is projected to account for approximately 15% of revenue and 30% of profit by 2024, with an overall net profit expected to reach 106 million yuan [2][5] Key Points and Arguments Business Strategy and Performance - The company is focusing on high-end professional outdoor lines, launching the Heimai and Jidi series, and enhancing gross margins through price management [2][6] - Cautious expansion of offline stores is emphasized, particularly in outlet and shopping center locations, while increasing efforts in the children's clothing sector [2][3] - The dual business strategy has shown significant results, with profits increasing from a loss of 274 million yuan in 2020 to an expected profit of 106 million yuan in 2024 [5] Product Development and Market Positioning - Tanshan encourages design innovation through a "hit product" mechanism, although acknowledges the unpredictability of such products [7][8] - The company maintains a mid-to-high price positioning, slightly below competitors like North Face, but believes in its product strength and design advantages [8] - The outdoor market is expected to grow due to China's large population and increasing outdoor activity spending [8][9] Brand and Competitive Advantages - Tanshan has accumulated brand, channel, and customer advantages, collaborating with notable projects such as the Shenzhou spacecraft and polar research teams [9][10] - The company leverages biomimetic technology in product development, enhancing functionality for various outdoor applications [11] Online and Offline Sales Strategy - Online sales account for a significant portion of revenue, with traditional e-commerce platforms contributing about 70% [11] - The company is cautious with advertising on platforms like Douyin, focusing on profitability and optimizing strategies across different channels [11] Chip Business Development - The chip business focuses on display ICs, with potential in the automotive OLED screen market [3][12] - The company aims to become a leader in the display IC sector, with plans to increase revenue from chips to 50% of total income in the next two to three years [14][19] Future Outlook - The company anticipates high growth in new product lines, with a 67% increase in 2023 and a profit contribution of around 30% [13] - The Mini LED market is expected to grow, with plans to penetrate leading TV manufacturers' supply chains [16] - The automotive market presents significant opportunities, especially with the rise of electric vehicles and multi-screen setups [19] Other Important Insights - The company is exploring synergies between its chip and outdoor clothing businesses, including smart equipment development [12][22] - Tanshan's acquisition of Dingmao has shown rapid growth, with revenue expected to exceed 50 million yuan in 2025 [20][21] - The focus remains on the dual business model, with an emphasis on smart equipment and potential acquisitions for growth [23]

Group 1: Company Listings and Performance - Hu Shang A Yi, a tea beverage company, went public in Hong Kong on May 8, raising approximately HKD 270 million with a final share price of HKD 158.4, giving it a market capitalization of HKD 16.6 billion [2] - As of the end of 2024, Hu Shang A Yi reported a revenue of CNY 3.285 billion, a year-on-year decline of 1.9%, and a net profit of CNY 329 million, down 15.2% [2] - Skechers announced its acquisition by 3G Capital for over USD 9 billion at USD 63 per share, with the deal expected to close in Q3 2023 [4] Group 2: Market Trends and Challenges - Hu Shang A Yi faces challenges with declining operational efficiency and saturation in store growth, with a 20.6% decrease in new franchise stores and a 178% increase in store closures in the first half of 2024 [2] - Skechers' strategic shift to privatization is seen as a move to escape the constraints of public financial disclosures amid uncertainties from U.S. tariff policies affecting its cost structure and profit margins [5] - The baking industry, which Hu Shang A Yi is entering, is characterized by high competition and the need for product innovation and operational capabilities to succeed [7] Group 3: Brand Developments and New Ventures - Haidilao launched a bakery brand "SCHWASUA" in Hangzhou, focusing on low-priced products, as part of its "Pomegranate Plan" to incubate new independent brands [6] - Aesop's first store in China closed after two and a half years, reflecting challenges in balancing brand positioning and local market operations [18] - Lucky Coffee has surpassed 5,400 stores nationwide, with significant sales performance during the May Day holiday, indicating strong growth in the coffee shop sector [19]

Group 1: Industry Overview - Camping has become a fashionable outdoor leisure activity, leading to significant growth in the camping industry in China [3][4] - The core market size of China's camping economy reached 213.97 billion yuan in 2024, with a year-on-year growth of 60.4%, while the driving market size was 1,155.45 billion yuan, growing by 46.8% [4] - The desire for natural environments among urban populations contrasts sharply with the pressures of urbanization, making camping a form of "temporary escape" that promotes psychological healing [6] Group 2: Company Performance - The company "原始人" (Primitive Man) has been recognized as the top seller in three categories: outdoor tables and chairs, camping equipment, and outdoor barbecue grills, according to iiMedia Research [9] - Since its establishment in 2013, the company has adhered to the philosophy of "integrity and affordability," focusing on technological innovation and scenario-based product layout, becoming a benchmark in the outdoor equipment industry [10] - The company has built a comprehensive marketing system, covering major e-commerce platforms and establishing immersive camping experience bases in key urban areas, creating a closed-loop ecosystem of "online traffic - offline experience - full-channel repurchase" [12]

Group 1: Consumer Market Recovery - The consumer market in China showed significant recovery during the May Day holiday, with 314 million trips taken, a 6.4% increase year-on-year [1] - Total spending by domestic tourists reached 180.27 billion yuan, reflecting an 8.0% year-on-year growth [1] - The expansion of transportation networks supported cross-regional mobility, with civil aviation transporting 11.15 million passengers during the holiday, a 55.4% increase compared to 2019 [1] Group 2: Accommodation Sector Trends - The accommodation sector experienced structural upgrades, with high-end hotel markets performing strongly, especially in lower-tier cities where high-star hotel consumption exceeded that of first-tier cities [2] - Hotel prices in popular tourist destinations like Sanya and Xiamen increased by 30%-40%, yet occupancy rates remained above 95% [2] - The number of accommodation-related enterprises in China surpassed 1.561 million, with approximately 89,000 new registrations in 2025 [2] Group 3: Dining and Retail Integration - The integration of dining and retail sectors brought new vitality to the consumer market, with key restaurant enterprises reporting an 8.7% increase in sales [2] - The contribution rate of county-level markets to restaurant sales exceeded 35%, marking a significant growth driver [2] - Night economy and 24-hour stores saw a 48% increase in numbers, with nighttime consumption rising by 127% [2] Group 4: Policy and Market Innovation - Innovative policies, such as Shanghai's "Leisure Shanghai" consumption vouchers, significantly boosted local dining consumption [4] - The outdoor economy gained traction, with cycling becoming popular in cities like Shanghai and Beijing, leading to a surge in sales of outdoor sports equipment [4] Group 5: Camping and Outdoor Equipment Growth - The camping trend continued to rise, with rapid development in camping bases and equipment manufacturing [6] - Sales of outdoor equipment saw substantial growth, particularly in low-priced camping products [6] - The number of outdoor equipment-related enterprises exceeded 79,000, with about 2,900 new registrations in 2025 [6]

Core Insights - The company reported a significant turnaround in its financial performance for 2024, achieving a revenue of 1.592 billion yuan, a year-on-year increase of 14.44%, and a net profit of 84.12 million yuan, marking a historic return to profitability [1] - The chip business emerged as a key growth driver, with a net profit of 32.03 million yuan, representing a remarkable year-on-year growth of 183.30%, contributing over 30% to the group's total net profit [1][4] Outdoor Business Development - The outdoor segment maintained a strong position in the domestic market, generating revenue of 1.369 billion yuan, an increase of 8.91% year-on-year [2] - The company has demonstrated robust R&D capabilities by supporting major national projects, including space missions and deep-sea explorations, enhancing its reputation in the outdoor industry [2] Strategic Innovations - The company launched four core products, including a lower limb exoskeleton and a 5G smart outdoor watch, to synergize outdoor sports with its chip business, reinforcing the "outdoor + chip" dual business model [3] - Strategic partnerships were established for the development of wearable exoskeletons and smart wearable devices, indicating a deep integration of academia and industry [3] Chip Business Performance - The chip business achieved a revenue of 222.31 million yuan, a year-on-year increase of 66.56%, and its net profit accounted for 30.04% of the group's total net profit [4] - The company focused on three innovation directions in its chip business, including touch ICs and Mini LED display drivers, enhancing its market competitiveness and technological edge [5] New Product Launches - The company introduced the TransHolo holographic transparent screen, featuring advanced technologies that redefine industry standards, including high brightness and energy efficiency [6] - The integration of various technologies has established a comprehensive technical moat covering touch, drive, and packaging, positioning the company for future growth in the display industry [6] Shareholder Returns - The company plans to distribute a cash dividend of 0.12 yuan per 10 shares, totaling 10.14 million yuan, while committing to a shareholder return plan for 2025-2027 [7] - The dual business model of "outdoor + chip" is expected to drive continuous innovation and global brand expansion, enhancing the company's competitive advantage [7]

点击小程序查看报告原文 提振内需的必要性与政策实施的有效性正在提升 外部冲击之下，"扩内需"必要性进一步提升。 美国近期实施的关税政策力度远超预期，扰动全球贸易秩序，加剧全球经济放缓风险。中美贸易摩擦动态 演绎，截至4月16日，中国出口美国的个别商品累计各种名目的关税已达到245%[1]。在此背景下，我国政府迅速采取针对性措施，包括对等关税、出口管 制、反倾销调查、WTO诉讼等[2]，维护多边贸易。与此同时，在外部尤其贸易前景尚不明朗的背景下，更为积极地实施内需刺激政策必要性提升，以国 内增长确定性应对外部环境的不确定性。 当前时点"扩内需"的效果或优于以往。第一，从政策空间来看， 近期公布的物价数据显示，CPI同比2月起再次进入负增长区间，PPI同比持续低位运行， 通胀低位为货币宽松和财政刺激提供了更大操作空间。 第二，从政策目标来看， 扩大内需是去年底经济工作会议以及两会明确的首要任务[3]。特别地， 2024年地方政府债务置换计划落地后，地方偿债压力缓解，为新增投资及民生支出释放财政空间，地方政府配合中央逆周期调控的能力和意愿增强。 第 三，私人部门信心逐步企稳。 3月统计局公布的商品房销售面积、销售金 ...

同时，乐欣户外还为户外装备品牌提供涵盖产品设计至制造全流程的一站式OEM/ODM解决方案， 客户涵全球知名户外用品品牌(如迪卡侬)、全球知名钓鱼品牌(如Rapala VMC、Pure Fishing)、英 国知名钓鱼品牌(如Fox、Nash、Trakker及Preston)，以及美国知名户外用品品牌(如Ardisam)。 业务覆盖北美、欧洲、亚洲的40余个国家。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，乐欣户外国际有限公司（以下简称"乐欣户外"）于2024年11月15日正式向港交 所递交招股说明书，拟主板挂牌上市，中金公司担任独家保荐人。 最早可追溯至1993年的乐欣户外现已发展成为一家业务覆盖北美、欧洲、亚洲的国际户外装备类企 业，主要聚焦在钓鱼装备。 截至2024年6月30日，乐欣户外的产品组合包括超过8,000个SKU的钓 鱼装备，涵盖从钓鱼椅、钓鱼床、搁杆架、钓鱼箱、手推车、渔具篷、全围伞、钓鱼包及抄网 。 截至2024年11月8日，乐欣户外的产品向40多个国家销售，包括英国和美国等具有丰富钓鱼传统的 成熟市场，以及中国和东南亚等增长 ...